Funding arb · Price arb /

OP

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 01:00 UTC−0.0284%/8h= −31.1% APRpaid last 24h −0.143%

Price spread now: Coinbase International against BingX+2.157%7-day average — · you sell dearer than you buy

to open and closeno order booka leg has no order-book sample

Long on BingX Short on Coinbase International

What this pair did over the last

the charts below follow

Funding, last 7 days−0.342%−$34 on $10k

Price spread, last 7 days—no price history on both exchanges yet

Together, before fees—needs both histories

The price spread pays, funding is against you. Coinbase International is 2.157% dearer against BingX than usual: you sell high and buy low (spread +2.157% now, against zero (this spread has no 7-day history yet)): +$216 on $10k if it goes back. Holding the pair costs −$9 a day in funding at the current rate, which eats that in about 25 days.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	BingX OP-USDC	0.1252	0.0100	pay 0.0100% / 8h	6h 54m	—	$1.6M	—
Short	Coinbase International OP-PERP-INTX	0.1279	−0.0184	pay 0.0023% / 1h	54m 35s	$25K	$77K	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Coinbase International against BingX. Falling: the short leg gains. Rising: it loses.

latest

Price spreadloading…

Funding on every exchange

click an exchange to add or hide it

latest

How often the price spread is this wide · share of time at each level, last 7D show

Profit calculator

Position, each leg$Hold fordaysFee BingXbpFee Coinbase InternationalbpOrdersPrice spread, now +2.157%Rate

Funding earned: −$59.64
Price spread: +2.157% → 0.000%: $215.65
Slippage, 4 orders: no order book: not counted
Fee BingX: 5 bp × 2 orders: −$10
Fee Coinbase International: 5 bp × 2 orders: −$10
Net: $136.01
Costs to cover: 0.200%
Break-even: from the start

Slippage unknown: BingX: live order book, 7 min ago; Coinbase International: no order-book sample. Net counts fees only.

Cost to enter

taker fee + slippage from the mid, one side; closing costs about the same again

Leg	Half-spread	$10k	$100k	$1M	$5M
Buy BingX live order book, 7 min ago	7.91 bp	105.2 bp −$105	841.3 bp −$8,413	1145.5 bp −$114.5K	doesn't fit
Sell Coinbase International no order-book sample	—	—	—	—	—

Coinbase International: no order-book sample. Either the market is below $100k of open interest and volume (not sampled), or the venue executes at an oracle price and its slippage is not modeled here: see the venue's docs.

OP on 30 venues

lowest funding first. Swap a leg: a good short leg pays more funding and is priced higher.

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Injective OP/USDC PERP	−0.1535%	1h	0.1246	−0.479%	$34K	$58K	12x	as long as short
GMX OP/USD [OP-USDC]	L −0.1065% / S +0.0229%	1h	0.1251	−0.073%	$13K	—	100x	as long as short
Coinbase International OP-PERP-INTXshort	−0.0184%	1h	0.1279	+2.157%	$25K	$77K	50x
dYdX OP-USD	0.0000%	1h	0.1255	+0.223%	$39K	$519	10x	as long as short
Deribit OP_USDC-PERPETUAL	0.0000%	1h	0.1250	−0.160%	$41K	$163K	25x	as long as short
gTrade (Gains Network) OP/USD	L +0.0004% / S −0.0004%	1h	0.1251	−0.078%	—	—	150x	as long as short
Variational Omni OP	+0.0058%	8h	0.1251	−0.107%	$222K	$52K	—	as long as short
Orderly PERP_OP_USDC	+0.0059%	8h	0.1250	−0.160%	$6K	$47K	10x	as long as short
Lighter OP	+0.0096%	1h	0.1255	+0.280%	$280K	$946K	15x	as long as short
OKX OP-USDT-SWAP	+0.0098%	8h	0.1252	−0.040%	$6.1M	$29.8M	50x	as long as short

Show all 30 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Hyperliquid OP	+0.0100%	1h	0.1253	+0.048%	$3.8M	$3.0M	5x	as long as short
Aster OPUSDT	+0.0100%	8h	0.1254	+0.166%	$209K	$231K	10x	as long as short
Binance OPUSDT	+0.0100%	8h	0.1252	−0.022%	$20.2M	$62.4M	75x	as long as short
Bybit OPUSDT	+0.0100%	8h	0.1251	−0.104%	$18.1M	$26.2M	75x	as long as short
Gate OP_USDT	+0.0100%	8h	0.1252	+0.032%	$1.9M	$1.5M	50x	as long as short
MEXC OP_USDT	+0.0100%	8h	0.1254	+0.152%	$20.3M	$7.4M	300x	as long as short
KuCoin OPUSDTM	+0.0100%	8h	0.1253	+0.080%	$2.9M	$7.0M	75x	as long as short
Bitget OPUSDT	+0.0100%	8h	0.1252	0.000%	$5.9M	$6.6M	75x	as long as short
BingX OP-USDClong	+0.0100%	8h	0.1252	long leg	—	$1.6M	—
Backpack OP_USDC_PERP	+0.0100%	1h	0.1250	−0.144%	$120K	$194K	10x	as long as short
edgeX OPUSDC	+0.0100%	4h	0.1262	+0.800%	$4K	$387K	10x	as long as short
GRVT OP_USDT_Perp	+0.0100%	8h	0.1257	+0.400%	$306K	$5.1M	10x	as long as short
ApeX Omni OPUSDT	+0.0100%	1h	0.1262	+0.799%	$43K	$726K	50x	as long as short
SoDEX OP-USD	+0.0100%	1h	0.1250	−0.128%	$166	$6K	5x	as long as short
HTX OP-USDT	+0.0100%	8h	0.1252	−0.024%	$173K	$235K	50x	as long as short
Extended OP-USD	+0.0104%	1h	0.1252	+0.033%	$100K	$395K	25x	as long as short
Aevo OP-PERP	+0.0104%	1h	0.1250	−0.188%	$3K	$1K	3x	as long as short
BloFin OP-USDT	+0.0220%	8h	0.1252	−0.024%	$1.0M	$273K	75x	as long as short
Reya OPRUSDPERP	+0.0439%	1h	0.1251	−0.068%	$696	—	20x	as long as short
Kraken Futures PF_OPUSD	+0.0466%	1h	0.1252	−0.004%	$790K	$747K	20x	as long as short